UK’s Lloyds Banking Group has allowed users of its credit cards Mastercard’s Open Banking Connect service for users of its credit card.
Users of the banking group’s brands including Halifax, Bank of Scotland and Lloyds Bank can avail the service.
Users can make their credit card bills through their mobile app and withdraw funds directly from their account.
Leveraging Mastercard’s Open Banking Connect service, users can initiate a PISP (Payment Initiation Service Provider) payment and pay their credit card balance.
Lloyds Banking Group Consumer Finance MD Elyn Corfield said: “We are constantly looking for new ways to offer our customers security, choice and convenience and this partnership with Mastercard allows us to do just that.
“We want to make it quick and easy for our customers to pay their credit card bills in just a few clicks, safe in the knowledge that their payments are completely secure.”
Mastercard’s Open Banking Connect service offers third party service providers with one connection to financial institutions’ open banking functionality irrespective of their API standard or implementation.
Mastercard divisional president for UK & Ireland Kelly Devine said: “Offering innovative, convenient and secure ways for people to pay is what we all strive for at Mastercard, and our Open Banking solutions bring together the best both card and account to account payment rails.”
Recently, Mastercard and payments technology start-up CleverCards signed a strategic partnership to expand the usage of digital cards across Europe.
Notably, last month, a report said that Mastercard has decided to increase interchange fees by over five times for shoppers in Britain when buying from a company based in the European Union (EU). The move is in light of the no-deal Brexit.